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Can someone explain this?
I have a loan with Lloyds, I took it out for 4 years in 2007 February, amount £7.500. The last couple of months I overpaid the loan by £100 every month, the normal repayment is £186.21 per month.I check the loan balance online regularly. So yesterday the balance was 2548.91, I just logged in and the balance stands at £2565.54. How come it's more? I just don't get it.
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Comments
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Is the interest added monthly?Don't look at me, I'm irrelevant.0
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Interest is charged daily and added to the loan monthly.0
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Ok, thanks. It motivates me even more to pay it back early.0
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According to your signature you have 4900 saved - it might be a better use of your cash to pay down the loan with some of your savings, since at the moment you're getting charged more interest on the loan than you'll earn on your savings.
You'll soon make back the savings if you're not paying extra interest fees!
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